The growth of this market is mainly driven by growing construction industry in the emerging economies, high demand for power tools in automotive industry, rising adoption of battery-powered power tools globally, and surging demand for electric fastening tools in industrial environment.
New York, Dec. 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Power Tools Market with COVID-19 Impact by Tool Type, Mode of Operation, Application and Region - Global Forecast to 2026" - https://www.reportlinker.com/p06193767/?utm_source=GNW
However, factors such as high repair and replacement parts cost of power tools and fluctuations in raw material prices are restraining the market growth.
"Drilling and Fastening tools to dominate the power tools market in 2020
The market for the drilling and fastening tools held the largest share in 2020 and is estimated to remain the same during the forecast period.The growth of the segment is attributed to the rising adoption of these tools in the automotive assembly and wind turbine installation operations.
Electric drilling and fastening tools are used by professionals and DIY consumers, while most pneumatic drilling and fastening tools are used in industrial environments such as automotive and aerospace manufacturing plants.
Electric tools to hold the largest share of power tools market in 2020
The electric segment holds the largest share of the power tools market in 2020 and is expected to hold significant CAGR during the forecast period.The electric power tools are widely used in the broad range of industries such as construction, automotive, aerospace, energy, and shipbuilding.
The growth of this segment is fueled by innovations in battery technology and the growing adoption of cordless tools among industrial and residential users.Currently, manufacturers are focusing towards the production of cordless electric power tools powered by lithium-ion batteries.
As a result, the demand for cordless power tools with lithium-ion batteries is expected to increase during the forecast period.
Industrial/Professional application dominated the power tools market in 2020.
The power tools market for industrial/professional application is dominant in 2020.The growing construction activities in both developed and developing countries are responsible for the adoption of power tools at construction sites.
Power tools play an important role in every stage of construction activity, including design, survey, construction, and maintenance phases.
Market in APAC to grow at highest CAGR during the forecast period
APAC is expected to hold the largest growth rate of the global power tools market during the forecast period.Rising urbanization, growing manufacturing industry, and increasing automotive sales in this region are the key factors fueling the growth of the power tools market in APAC.
Besides, the increasing government initiatives toward enhancing industrial manufacturing facilities and infrastructural development in various countries in APAC is expected to fuel the growth of the market during the forecast period. India and China remain lucrative growth markets for manufacturers of power tools.
Breakdown of the profiles of primary participants:
• By Company Type: Tier 1 - 52%, Tier 2 - 31%, and Tier 3 - 17%
• By Designation: C-level Executives - 47%, Directors - 31%, and others - 22%
• By Region: North America - 39%, Europe – 32%, APAC - 21%, and RoW - 9%
Major players profiled in this report are as follows: Stanley Black & Decker, Inc. (US), Robert Bosch GmbH (Germany), Techtronic Industries Co. Ltd. (Hong Kong), Makita Corporation (Japan), Hilti Corporation (Liechtenstein), and others.
In this report, the power tools market has been segmented based on tool type, mode of operation, application, distribution channel, and region.The power tool market based on tool type has been segmented into drilling and fastening tools, demolition tools, sawing and cutting tools, material removal tools, routing tools, and others.
Based on the mode of operation, the market has been segmented into electric, pneumatic, and others.The electric mode of operation is further segregated into corded tools and cordless tools.
Based on the application, the market has been segment into commercial/professional (construction, aerospace, automotive, shipbuilding, energy, and others), and residential/DIY.Based on the distribution channel, the market has been segment into online and offline.
The study also forecasts the size of the market in four main regions—North America, Europe, APAC, and RoW.
Key Benefits of Buying the Report:
The report would help market leaders/new entrants in this market in the following ways:
This report segments of the power tools market comprehensively and provides the closest approximation of the overall market size and subsegments that include tool type, mode of operation, application, distribution channel, and region.
The report would help stakeholders understand the pulse of the market and provide them with information on key drivers, restraints, challenges, and opportunities pertaining to the power tools market.
This report would help stakeholders understand their competitors better and gain more insights to enhance their position in the business.
The competitive landscape section includes the competitor ecosystem, as well as growth strategies such as product launches, mergers & acquisitions, and expansions carried out by major market players.
Read the full report: https://www.reportlinker.com/p06193767/?utm_source=GNW
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